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The Ethereum price surged almost 5% in the last 24 hours to trade at $3,376 as of 03:37 a.m. EST even as trading volume plunged 25% to $11 billion.
This comes as Grayscale transferred 110,867 Ethereum worth more than $358 million to Coinbase Prime.
After the debut of Ethereum ETFs (exchange-traded funds) last week, Grayscale’s ETHE ETF has seen huge outflows.
Ethereum Price Set For A Bullish Rally Over The $3,525 Resistance
The Ethereum price has been in a tear in July, as it used the $2,870 support level to push the token to the $3,525 resistance zone, according to data from GeckoTerminal.
The price of Ethereum then tumbled, forming a rounding top pattern as the bears took control. However, the bears could not sustain the pressure, as the asset rebounded using the $3,108 support, invalidating the bearish prospects of the rounding top pattern.
ETH has since crossed over to trade above both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the token’s bullish prospects.
Moreover, the Relative Strength Index (RSI) trades up as it closes in on the 70-overbought region, currently at 62. This shows that buyers are currently in a buying frenzy, a stance that, if sustained, could push Ethereum up over the $3,525 resistance.
The Ethereum price analysis shows a bullish bias in the short term, as ETH rallies above the SMAs and the RSI shows active buying from the bulls. If the buying continues, the bulls are currently targeting the $3,800 resistance level.
However, if the bears take control of the price at this level, ETH could retrace back to the major support at $3,108.
Meanwhile, meme coin lovers on the Ethereum blockchain are buying the new Layer-2 coin Pepe Unchained (PEPU), which has already amassed over $6.1 million in its explosive presale.
Pepe Unchained Presale Surges Past $6.1 Million – Best Meme Coin To Buy Now?
From its inception, Pepe has delivered mind-blowing returns to early investors and continues to rule the meme coin charts despite a tidal wave of new competition.
Chain after chain is broken! 🐸⛓️
Pepe has raised $6M! The revolution continues! pic.twitter.com/555bPCkWdE
— Pepe Unchained (@pepe_unchained) July 28, 2024
But Pepe is not without shortcomings. The token was originally built on the Ethereum blockchain and has long been confined by its layer-1 technology, which is highly characterized by network delays and rising gas fees.
Investors are buzzing with excitement for Pepe Unchained because it offers them an opportunity to finally own a Pepe that comes without the slow transactions and high gas fees associated with the original Layer 1 token.
Token holders can also earn passively through the platform’s staking system, which offers 312% in annual rewards.
99Bitcoins, a prominent crypto channel on YouTube, says $PEPU could soar 10X after its launch.
You can buy $PEPU tokens for $0.0087344 each. With a price hike coming in less than 19 hours, buy soon to secure the best deal.
To join the presale, buy $PEPU from the official website here using ETH, USDT, or a bank card.
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